SmartBiz provides SBA loans for small businesses through their preferred banks. They offer loans from $30,000 to $5,000,000 with 10 to 25 years of repayment terms. In this article, we cover user reviews and rates. Ready to get started with SmartBiz? Apply now.
What SmartBiz Does Well
Users who gave SmartBiz a positive review said that its loan officers are outstanding, very professional, responsive, and knowledgable. They are satisfied that all of the processes they need to take went smoothly.
One user who gave SmartBiz a positive review on Trustpilot said that he is very satisfied with the service of the SmartBiz team because they know their job very well and guides their customers efficiently. He added that SmartBiz helped them complete their documents on time.
What SmartBiz Does Not Do Well
Users who gave SmartBiz a negative review complained that their funding was released longer than expected. They added that they were asked too many questions and were required a lot of forms.
One user who gave SmartBiz a negative review on Trustpilot said that it took them too long to release his funding. He mentioned that they told him he will get the funding in two weeks, but it has been over four weeks and he hasn’t received the funds yet.
Depending on the size of the loan, SmartBiz’ SBA loans charges 7% to 9.25% of variable interest rate based on the prime rate plus 1.50% to 3.75%. While their bank term loans have a fixed interest rate of 6.99% to 26.99%.
(plus 2.75% to 3.75%)
|Loan Repayment Terms|
To qualify for an SBA 7(a) Working Capital or Debt Refinance loan through SmartBiz, applicants should be a US citizen, must be in the business for more than two years in the US and have a personal credit score of 650 and above.
For the SBA 7(a) Commercial Real Estate loan, applicants must also be in business for two years and above, with a personal credit score of 675+.
Same requirements apply for the Bank Term loan, but with a personal credit score of 640+ and a cash flow to support loan payments.
Ready to get started with SmartBiz? Apply now.
Top SmartBiz Alternatives
Browsing lenders with a no credit score or paperwork application
Evaluating every type of business funding option available based on an online application
SBA loans and term loans with an online application and long repayment terms
Equipment financing broker with a low minimum credit score requirement
Revenue based financing for tech startups
Top Lender Pick from Fit Small Business
Best SBA Lenders: Top 100 SBA Lenders— With more than 3,000 SBA lenders nationwide, choosing the best SBA lender can be difficult. Some of the best SBA lenders approve average loan amounts of about $75,000 to more than $1.5 million, with interest rates averaging around 6.4 percent to more than 9.2 percent. In this guide, we’ll show you the 100 top SBA lenders per current SBA data, and review 10 of the top SBA lenders.
Check out the list below of some of SmartBiz’s features:
- Loans up to $5 million
- Up to 25 years repayment terms
- 7% to 9.25% interest rates for SBA loans
- Monthly repayments
- No pre-payment penalties
- Streamlined online app
How fast can borrowers get their funds?
What safety measures does SmartBiz employ to ensure borrowers’ data and privacy?